Today, during the Asian trading session, the yellow metal failed to extend its upward rally of the previous day, drawing some offers around the $1,
In addition to this, the global equity markets flashed green at the start of the day, backed by the hopes of faster administering of vaccinations in the UK, Australia and the US. The upbeat market sentiment tends to undermine the prices of the safe-haven metal. Gold is trading at 1,802.49, and consolidating in the range between 1,801.44 and 1,804.72.
Vaccine & Stimulus Optimism
Despite the faster spread of the delta variant of COVID-19 and the US-China tussle, most recently over Taiwan, the market trading sentiment maintained its positive appearance and remained well bid on the day. The mounting hopes of getting vaccinations done quicker in the UK, Australia and the United States could favor the stock futures. It has also been observed that the World Health Organization (WHO) is pushing India to donate vaccines to African countries, as the Asian country seems to have defeated the initial virus woes and has the fastest jabbing rate in the world of late. Another factor that favours the market trading sentiment is that the US Democrats appear willing to ease their earlier demands to push forward President Joe Biden’s $3.5 trillion stimulus plan.
Stronger US Dollar
Daily Support and Resistance